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Financial agreement made before marriage – prenuptial agreement

A financial agreement made before marriage is more commonly known as a prenuptial agreement or ‘prenup’. So whenever we use the term financial agreement or prenuptial agreement, we are talking about the same thing.

A prenuptial agreement is a type of financial agreement that should be put in place before your get married.

There are many compelling reasons why one might want to put a financial agreement in place.

Over the last 30 years, couples have tended to live together before marriage and consequently the age of Australians entering first marriages has steadily risen.

It’s quite common for two people to have well paid employment and significant assets and debts before marriage.

So it comes as no surprise that one or both may want to protect what they bring into the relationship.

The thought of losing control over business interests, investments or property can lead to feelings of insecurity that often trigger arguments. Defining your property rights in a prenuptial type agreement can dispel these doubts and actually lead to a more harmonious relationship.

If you are entering into a second or subsequent marriage with children from a previous relationship, it’s quite common to have concerns for the preservation of family property. As part of a sound estate plan, a financial agreement can provide the peace of mind that accumulated wealth will be quarantined and passed on to your children in the event of separation or death.

In a similar fashion, a prenup can also quarantine debts so that the other party is not held responsible for debts down the track.

Sample Prenuptial Agreement

Getting married soon?

Getting married soon? It is inadvisable to enter a prenuptial agreement within two weeks of your wedding. You won’t find this warning anywhere in the Act, it’s just something our lawyers believe could go to proving undue influence.

If you are running out of time and cannot formalise the prenup before the big day then you can always make a postnuptial agreement after the wedding which will work just as effectively as a prenup.

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